Adobe Inc. (NASDAQ:ADBE) Shares Bought by Alliance Wealth Advisors LLC UT

Alliance Wealth Advisors LLC UT boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,979 shares of the software company’s stock after purchasing an additional 100 shares during the period. Adobe comprises approximately 2.0% of Alliance Wealth Advisors LLC UT’s investment portfolio, making the stock its 5th biggest holding. Alliance Wealth Advisors LLC UT’s holdings in Adobe were worth $5,953,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Investment Partners LTD. raised its position in shares of Adobe by 1.8% in the fourth quarter. Investment Partners LTD. now owns 1,141 shares of the software company’s stock worth $681,000 after acquiring an additional 20 shares during the period. Parametrica Management Ltd increased its stake in shares of Adobe by 34.7% during the fourth quarter. Parametrica Management Ltd now owns 4,294 shares of the software company’s stock worth $2,562,000 after purchasing an additional 1,107 shares in the last quarter. Private Wealth Partners LLC increased its stake in shares of Adobe by 0.3% during the fourth quarter. Private Wealth Partners LLC now owns 62,150 shares of the software company’s stock worth $37,079,000 after purchasing an additional 185 shares in the last quarter. Valmark Advisers Inc. purchased a new stake in shares of Adobe during the fourth quarter worth about $996,000. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $311,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.9 %

Adobe stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the company’s stock were exchanged, compared to its average volume of 2,815,745. The company has a market cap of $213.95 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.56 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a fifty day moving average of $515.34 and a 200-day moving average of $564.33.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. Sell-side analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ADBE shares. KeyCorp started coverage on shares of Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Piper Sandler Companies dropped their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Wells Fargo & Company dropped their price objective on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. HSBC dropped their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, Barclays dropped their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.